10-Year Note Speculators cut back on bullish net positions this week

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10-Year Note Non-Commercial Speculator Positions:

Large speculators decreased their bullish net positions in the 10-Year Note futures markets this week following two weeks of bullish gains, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.

The non-commercial futures contracts of 10-Year Note futures, traded by large speculators and hedge funds, totaled a net position of 221,806 contracts in the data reported through Tuesday September 5th. This was a weekly lowering by -61,913 contracts from the previous week which had a total of 283,719 net contracts.

Speculative positions fell sharply this week (following two weeks of rises) and brought the bullish bets back under the +250,000 contract level for the first time in three weeks. The speculator positions have been going mostly sideways after surging above +300,000 net bullish contracts in both May and June.


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10-Year Note Commercial Positions:

The commercial traders position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -62,634 contracts on the week. This was a weekly uptick of 61,067 contracts from the total net of -123,701 contracts reported the previous week.

IEF ETF:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the 7-10 Year Treasury Bond ETF (IEF) closed at approximately $108.51 which was an uptick of $0.51 from the previous close of $108.0, according to unofficial market data.

*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) as well as the commercial traders (hedgers & traders for business purposes) were positioned in the futures markets. The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators). Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).

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